EPFO declares 8.15% as EPF interest rate for FY 2022-23

The Employees' Provident Fund Organisation (EPFO) has declared the interest rate as 8.15% for Employees' Provident Fund (EPF) accounts for the financial year 2022-23. The announcement for the interest rate on EPF accounts was announced by the EPFO via a circular dated July 24, 2023.



As per the EPFO circular issued, "The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees' Provident Fund Scheme, 1952 to credit interest@ 8.15 % for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952. You are accordingly, requested to issue necessary instructions to all concerned for crediting the said interest to the members' accounts."

What is EPF

The Employees Provident Fund is a mandated contribution for salaried employees. An employer is also obligated to make a matching contribution to the EPF account. On a monthly basis, an employee contributes 12% of his earnings to his EPF account. The employee's whole contribution is placed into the EPF account. In the case of the employer, just 3.67 percent is deposited into the EPF account. The remaining 8.33% goes to the Employees Pension Scheme (EPS).

How to check EPF balance

An employee whose EPF account is managed by the EPFO can check the account balance using following four ways:
a) By using Umang app
b) By visiting EPF member e-sewa portal
c) By giving missed call
d) By sending SMS

How to check EPF balance on UMANG app

The subscribers can now easily check their PF balance at home on the UMANG application.
Step 1: Download and install Umang app
Step 2: Register from your mobile number
Step 3: Choose "EPFO" from the options
Step 4: Click "View Passbook."
Step 5: After entering your UAN, click Get OTP.
Step 6: Select "Login."
Your passbook and EPF balance will be shown on the screen.

How to check EPF balance using EPFO portal

Go to the employee section of the EPFO website and click on "Member Passbook." By entering your UAN and password, you can gain access to the PF passbook. Employee and employer contributions, as well as opening and closing balances, will be detailed. The sum of any PF transfers, as well as the amount of PF interest generated, will be shown. The EPF balance can also be viewed with a passbook.